Bank owned homes in the Traverse Bay Area

Bank Owned Homes

Although we see a limited number of bank owned homes in this area, there are some available. Almost all bank owned homes become listed and banks rarely deal directly with anyone other than a few brokerages.

Bank Owned Homes Statistics

Total Listings: 46
Average Price: $119,949
Highest Price: $529,900
Lowest Price: $15,000

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Bank Owned Homes

All Listings Under $100,000 $100,000 - $200,000
$200,000 - $300,000 $400,000 - $500,000 $500,000 - $600,000
New Listings First
10 Properties Found.
Photo of Listing #1831160

9670 Parkridge Drive

$84,900

Mancelona, Michigan
4 Bed, 2½ Bath, 2002 Sqft, 1.28 Acres
Single Family

Photo of Listing #1830985

11915 Marvis Road

$164,900

Honor, Michigan
3 Bed, 1 Bath, 1100 Sqft, 5 Acres
Single Family

5221 S Faculty Row

$499,900

Glen Arbor, Michigan
4 Bed, 4 Bath, 4094 Sqft, 0.77 Acres
Single Family

9898 Center Road

$288,090

Traverse City, Michigan
1 Bed, 1½ Bath, 1472 Sqft, 0.16 Acres
Single Family

Photo of Listing #1828145

4009 Barnes Road

$182,500

Traverse City, Michigan
3 Bed, 1½ Bath, 1904 Sqft, 0.71 Acres
Single Family

Photo of Listing #1828006

302 S Orange Street

$29,900

Kalkaska, Michigan
2 Bed, 1 Bath, 680 Sqft, 0.1 Acres
Single Family

1247 S Garfield

$121,900

Traverse City, Michigan
3 Bed, 2 Bath, 1250 Sqft, 1.49 Acres
Single Family

Photo of Listing #1827670

11746 Us-31 31

$65,600

Interlochen, Michigan
3 Bed, 2 Bath, 1512 Sqft, 6.5 Acres
Single Family

Photo of Listing #1827534

1577 Lavender Lane

$529,900

Traverse City, Michigan
4 Bed, 3½ Bath, 4100 Sqft, 5.14 Acres
Single Family

408 E Old State Road

$142,900

East Jordan, Michigan
3 Bed, 2 Bath, 1960 Sqft, 2.18 Acres
Single Family

More information on Traverse Bay Area bank owned homes

Bank owned and repo homes in the Traverse Bay and Traverse City area can be a great deal, however, keep in mind that not all bank owned homes are deals.  Often they have been poorly maintained and if the bank gained possession of the home during the cold months, we have often seen frozen pipes.  This is not always the case and it is definitely worth considering a bank owned home.  Whether you are looking for a waterfront bank owned home, a bank owned Traverse City condo or just want to use our advanced bank owned search, TBAR Search has all the listed Traverse City bank owned homes.

 The best way to keep up with the market and to be one of the first to know about new or revised bank owned listings is to get set up with automatic email notifications.  Just let us know what you are looking for and we can get you set up and remember, you can opt out or change your search criteria anytime.

Also, here are the answers to a few bank owned home questions.

Do banks typically take much less than list price for their Traverse City area bank owned homes?

No, most often banks will have three basic appraisals  (often referred to as BPO's  - Broker Price Opinions) and will set a list price based on a those appraisals, along with other items.  Banks will then typically accept within 5% of list price, often depending on how long it has been at that price.  The banks will most often reject offers less than that, or counter back at full price.  If the asset (home) does not get an accepted offer within 45-60 days, the bank will usually reduce the price and go through the same scenario.  With that said, we have seen banks accept much less also, so it may be worth a try if it has been on the market for a while.

The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright © Northern Great Lakes REALTORS® MLS. All Rights Reserved.